China Grabs More Canadian Oil as Dirty Crude Supplies Dwindle

(Bloomberg) -- China is snapping up more Canadian crude as global heavy oil supplies dwindle amid Iran sanctions and a political crisis in Venezuela.

Ambelos is the second tanker to leave Vancouver’s Westridge terminal this year bound for China, according to data compiled by Bloomberg. It’s carrying more than half a million barrels of heavy Canadian crude, according to IHS Markit. It follows the Erik Spirit, which sailed to China’s Nanhai district from Westridge last month. The shipments happened even as Canadian heavy crude has sold at an average discount to West Texas Intermediate futures of less than $11 a barrel so far this year.  READ ON

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